RealSource Group negotiated the sale of a newly constructed, single‑tenant Shake Shack drive‑thru ground lease in Richmond, Texas, part of the Houston metropolitan area.
The property sold for $5.8 million at a 5.00% closing cap rate, marking a record‑low cap rate for a Shake Shack ground lease in Texas and one of the lowest Shake Shack cap rates recorded nationwide.
RealSource Group’s Austin Blodgett, Senior Vice President of Investment Sales, and Jonathan Schiffer, CCIM, Senior Associate, in association with ParaSell, Inc., represented the seller, Read King, a Houston‑based real estate development firm with more than 30 years of experience delivering high‑quality retail projects nationwide. The buyer, a private 1031 exchange investor from New York City, was represented by Anthony Cerrone, Director of Investments at Marcus & Millichap…